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Please make Income Statement, Statement of Owner's Equity, and Balance sheet! Thank you! On November 1, 2020, Troy Lambert created a new travel agency called
Please make Income Statement, Statement of Owner's Equity, and Balance sheet! Thank you!
On November 1, 2020, Troy Lambert created a new travel agency called Bayou Travel "the Company". The Company was organized as a sole proprietorship and has monthly accounting periods. The following transactions occurred during the Company's first month of operations. Prepare and record journal entries for each of the following transactions in the general journal provided. Nov. 1 Lambert invested $35,000 cash and computer equipment worth $16,800 in the Company. Nov. 2 The Company rented furnished office space by paying $1,800 cash for the month's (November) rent Nov. 3 The Company purchased $2,100 of office supplies for cash. Nov. 10 The Company paid $3,000 cash for the premium on a 12-month insurance policy. Coverage begins on November 15th Nov. 12 The Company purchased $1,000 of office supplies on account. Nov. 14 The Company paid $2,200 cash for two-weeks salaries earned by employees. Nov. 24 The Company collected $26,000 cash on commissions from airlines on tickets obtained for its' customers. Nov. 28 The Company paid another $2,300 cash for two-weeks salaries earned by employees. Nov. 29 The Company paid $500 cash for minor repairs to the Company's computer. Nov. 30 The Company paid $850 cash for this month's telephone bill. Nov. 30 Lambert withdrew $700 from the business. 1. Journal entries: Credit No 1 Date Nov.1 Account Title Cash Computer Equipment T.Lambert, Capital $ $ Debit 35,000 16,800 $ 51,800 2 Nov.2 $ 1,800 Rent Expense Cash $ 1,800 3 Nov.3 $ 2,100 Office Supplies Cash $ 2,100 4 Nov.10 $ 3,000 Prepaid Insurance Cash $ 3,000 5 Nov.12 $ $ 1,000 Office Supplies Accounts Payable $ 1,000 6 Nov.14 $ 2,200 Salaries Expense Cash $ 2,200 7 Nov.24 $ 26,000 Cash Commissions Earned $ 26,000 8 8 Nov.28 $ Salaries Expense Cash 2,300 $ 2,300 9 Nov.29 $ 500 Computer Equipment Cash $ 500 10 Nov.30 $ 850 Utilities Expense Cash $ 850 11 Nov.30 $ 700 T.Lamber, Withdrawals Cash $ 700 Adjusted trial balance Debit Credit Cash $47550 Accounts receivables $3080 Office supplies $1400 Prepaid insurance $1500 Computer equipment $17300 $300 Accumulated depreciation- comp equip Accounts payable $1000 Salaries payable $400 Tlambert capital $51800 Tlambert withdrawals $700 Commissions earned $29080 $300 Depreciation expense comp equip Supplies expense $1700 Salaries expense $4900 Insurance expense $1500 Rent expense $1800 Utilities expense $850 Total $82,580 $82,580 Part 7 Prepare Financial Statements on the following forms: BAYOU TRAVEL Income Statement For the Month Ended November 30, 2020 BAYOU TRAVEL Statement of Owner's Equity For the Month Ended November 30, 2020 BAYOU TRAVEL Balance Sheet As of November 30, 2020 ASSETS LIABILITIES & OWNER EQUITY LIABILITIES OWNER EQUITY TOTAL LIABILITIES & STOCKHOLDER'S EQUITY 10Step by Step Solution
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